The price of Bitcoin has increased to more than $43,000 and the bulls of Bitcoin are trying to push the margin even more to $45,000. However, some of the analysts of the market studied the current data and warned about a bearish flag that can be formed and result in the correction of the price.
The Price Of Bitcoin Can Go Down Further
The narrative of bullish is building in the ecosystem of cryptocurrency as the price of BTC increased on 22nd March to more than $43,000. On the other hand, Ether asked for $3,000 support and deposited ETH of $110 million into the liquidity pools of Lido. As per the data from TradingView and Cointelegraph Markets Pro, the bitcoin price increased 6.15% and resulted in $43,380 on Tuesday.
In the views of a trader, the data portray a notable development as the confirmation of low high months was over for BTC finally. However, user Ed_NL, posted on Twitter a warning about the situation that it is too soon to open a long-based BTC on price action after following the pump.
In the opinion of an analyst, the formation of a bearish flag is happening for bitcoin after the decrease in price, however, the signs are giving the feeling of a trap where the early shorters are taken out before the correction. The trend of BTC going upward was also stated by Scott Melker, the host of The Wolf of All Streets and a trader of crypto. He posted the data chart and wrote that bitcoin is still making higher lows and going towards a level of $45,500.
Another user on Twitter and an options trader identified the increase in the level of bitcoin in the chart and suggested that a potential squeeze can occur that can lead to further profit.
